Strip Mall Retail
For Sale
$620,000
488-498 Canal Street, Nelsonville, OH 45764
For-sale strip mall offering multiple retail storefront spaces for investment or local business use.
Property Size6,000 SF
Days on Market468
Property Features for 488-498 Canal Street
General Information
Standard status
Active
Size
6,000 SF
Net Operating Income
$58,500
Taxes and HOA fees
Annual Taxes
$6,617
Building Details
Building Size
6,000 SF
Year Built
2007
Stories
1
Listing Agency:
(614) 296-4112
Listed By:
Ronnie E Orr · License #304286
(614) 296-4112
Source:
Evrealestate
Added: May 1, 2025
Changed: Aug 8
Last Checked: Aug 11 at 6:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ronnie E Orr
Investment Insights
Based on property information with market context.
This for-sale retail property is a strip mall-style building designed around multiple storefronts. It is categorized as retail space and storefront properties, giving it a layout that supports several independent retail or service tenants under one ownership structure.
The property is located at 488-498 Canal Street in Nelsonville, Ohio, in Athens County. The consolidated address range indicates a multi-unit retail configuration along Canal Street.
For buyers, this configuration can offer a practical way to diversify tenant mix within a single retail asset, rather than relying on one location or one occupant. For operators and brokers evaluating retail sites, it provides a straightforward option for businesses seeking storefront-based presence in a multi-space retail setting. As with any investment or leasing decision, due diligence around unit-level availability and current operating status will be important to confirm how the spaces can be used and what immediate plans are possible.
The property is located at 488-498 Canal Street in Nelsonville, Ohio, in Athens County. The consolidated address range indicates a multi-unit retail configuration along Canal Street.
For buyers, this configuration can offer a practical way to diversify tenant mix within a single retail asset, rather than relying on one location or one occupant. For operators and brokers evaluating retail sites, it provides a straightforward option for businesses seeking storefront-based presence in a multi-space retail setting. As with any investment or leasing decision, due diligence around unit-level availability and current operating status will be important to confirm how the spaces can be used and what immediate plans are possible.
Key Highlights
- Strip mall built in 2007
- Multiple retail storefront spaces for investment or local business use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,502
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.86%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$850,040
$850.0K
Cap Rate 7%
$607,171
$607.2K
Cap Rate 9%
$472,244
$472.2K
Market Conditions
NOI Build-Up for 6,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$72.0K $12.00/SF
− Vacancy
−$11.3K −$1.88/SF
EGI
$60.7K $10.12/SF
− OpEx
−$18.2K −$3.04/SF
NOI
$42.5K $7.08/SF
Area
Athens County, OH
Vacancy
15.67%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$850,040
Cap Rate 7%
$607,171
Cap Rate 9%
$472,244
Alternative Uses
Best Use
Retail
$607.2K
$531.3K – $708.4K
NOI $42,502 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,921 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
329
Businesses Nearby
29k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 87%
Shops & Services 13%
McDonald's
Dining
17,182 visits/mo
0.1 miles
Taco Bell
Dining
6,383 visits/mo
0.4 miles
Family Dollar
Shops & Services
3,767 visits/mo
0.4 miles
SUBWAY
Dining
1,419 visits/mo
0.1 miles
Little Italy Pizza
Dining
414 visits/mo
0.1 miles
Demographics for 45764, OH
7,859
Population
3,525
Households
2.2
Avg Household Size
36
Median Age
12%
College-Educated
85%
High-School Grad
79.0 sq mi
ZIP Area
99
Density / Sq Mi
$47,978
Median Household Income
$31,688
Median Earnings
$761
Median Rent
$112,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - For-sale strip mall offering multiple retail storefront spaces for investment or local business use.
Where is this storefront property located?
The property is located at 488-498 Canal Street Nelsonville, OH.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Strip mall built in 2007; Multiple retail storefront spaces for investment or local business use
